Prime Minister Pham Minh Chinh has ordered stronger control measures to prevent speculation and price manipulation in the real estate market, towards expanding housing supply with more balanced market segments and lower prices, and guaranteeing citizens’ right to access affordable houses.

Chairing the second meeting of the Central Steering Committee for Housing Policy and Real Estate Market on October 11 in Ha Noi to discuss measures to create breakthrough development in social housing, PM Chinh underlined the goal of completing more than 100,000 social housing units by the end of 2025, in line with the Government’s Resolution No. 01/NQ-CP on effectively implementing the national housing development strategy.

To ensure the real estate market operates in a synchronised and sustainable manner, it is essential to diversify and expand housing types, promote the development of social housing, rental housing, affordable housing, and housing for workers in industrial zones, while encouraging all economic sectors to participate in housing development under market mechanisms for social policy beneficiaries, he said.

The PM stated that in recent times, the Government and the PM have taken strong and comprehensive actions to address obstacles, accelerate investment projects, and increase housing and real estate supply across all segments, particularly in affordable and social housing.

A total of 132,616 social housing units are currently being developed across the country. Over the past nine months, 73 new projects with 57,815 units have been launched, and 22 out of 34 localities have met or surpassed their assigned social housing development targets, he noted.

The Government leader also frankly pointed out several shortcomings, including outdated real estate and social housing policies, delays in establishing a State-managed real estate trading centre, a shortage of affordable social housing, slow implementation of projects, and housing prices - especially in urban areas - beyond most citizens’ affordability.

He also highlighted issues like price manipulation, inflated property listings, lack of transparency in real estate transactions and data, and the need to curb speculative cash flows that fuel market bubbles.

The PM urged delegates to discuss openly and propose concrete solutions to establish regulated real estate trading platforms, stabilise the market, and prevent speculation. He directed efforts to improve housing accessibility and ensure affordable homes for workers and low- to middle-income earners.

He emphasised the need for groundbreaking solutions to achieve the goal of building 100,000 social housing units by 2025, stressing the urgency of social housing development amid administrative restructuring and the transition to a two-tier local administration system, which is causing many officials and workers to relocate.

The Government leader urged delegates to focus on measures to boost housing supply, especially affordable social housing, cutting investment costs, preventing speculation and profiteering, improving credit policies for social housing, enabling enterprises to participate and developing real estate trading platforms.